Vijay Kedia’s stock Patel Engineering receives orders worth ₹1,310 crore, shares close 9% in green note

“Joint Venture (“JV”) Partners with Patel Engineering Limited bagged Tumkur Branch Canal (Package III) Micro Irrigation Project worth Rs 311.13 Crore and SHER Micro Irrigation Project worth Rs 998.75 Crore, our share in these two orders totaling Rs 508.24 Crore is Rs.” the company said in a stock exchange filing.

The company is a 51% shareholder in the joint venture for the Tumkur Branch Canal Project, and has invested Rs. 158.68 crore of his own money in the venture. Patel Engineering also has a 35% stake in the joint venture for the Sher Micro Irrigation Project, with a contribution of Rs. 349.56 cr.

Patel Engineering shares closed today on NSE 23.25 each level, up 9.41% from the previous close 21.25. The stock touched a 52-week high 26.73 (19-Aug-2022) and at 52-week low at 13.15 (27-Feb-2023). The stock has gained 32.33% so far on a Year-to-date basis. During Q4FY23, the company recorded promoter holding of 39.42%, FII holding of 2.10%, DII holding of 9.20%, Public holding of 44.49% and others holding of 4.79%. Mr. Vijay Kedia, a noted investor, recently bought 10 million shares, or a 1.3 percent stake, in the company. the holding value of the investment is 23.6 crores.

Commenting on the technical outlook of the stock, AR Ramachandran, Co-Founder & Trainer-Tips2trades said, “On news of new irrigation projects worth Rs 3.11 billion to Patel Engineering in Maharashtra, the stock price jumped, but now This is very strong. Resistance at 25 on the daily chart. Investors should book profits at current levels and wait for a fall near the support area of ​​15.5-16.3 to buy for better returns in the near term.”